11:53 update
Slip sliding stocks as Dow falls 47, S&P 5 and NASDAQ 15.
Watch job cuts like what is occurring at P&G
Crude quietly off $.38 and gold is down to $1716, nothing serious
DAX off .6%
Euro zone collectively enters recession
10:38 update
Stocks flounder thus far unable to recover from 185 pint Dow drop Wednesday
Cash cattle may be delayed until after Friday’s COF report
Pork cutout has lost $4.40 since last week
Hog futures spiraling is symptomatic of a topping pattern
Global wheat stocks drop to 159 MT
Plains drought also a plus for wheat
Soybeans pondering after tech damage
32,000 tons of soy oil to unknown after 40,000 yesterday
EU corn off 700,000 tons to 53.6 MT
Corn basis steady with March up 2 cents
Financial
Dow off 12 after falling 185 points following Presidents policy less press conference
Wal-Mart sees softer Christmas season and that impacts the Dow
CPI up .1% from up .6% the previous quarter
Jobless claims purred by the hurricane rise to 439,000 versus 375,000 expected
Euro zone officially in recession
New York manufacturing drops to -5
Philly Fed regional index also expected to decline
German and French GDP +.2%, with Italy. Spain and others in the red
FHA loans 739,000 deficient so bail out expected
Gaza militants fire missiles into Israel in retaliation
Mid east is threatening to boil over and US is directionless
Crude oil $86.51 up $.19
Gold $2 better at $1723
Dollar steady at 81.05
Livestock
Cash cattle at $127-128 ask
Boxed beef flattens out
COF Friday 94% total, 87% placements and 103% marketing’s
Pork cut out down again at $2.85 with loin’s off $3.19, hams $3.07 and bellies $3.17
Kills 121,000 cattle and 434,000 hogs
Grains and soybeans
Grains mixed and soybeans 6 lower
Jan beans support is at $13.91 ¼
March corn resistance $7.35-38
Dec wheat resistance at $9.00
Export sales Friday
Low water levels on Mississippi require dredging
China buying domestic corn and soybeans to balance needs
Crush was 153.5 million bushels versus 147.7 expected
Ukraine said to be selling 5 MT of corn to China
Heavy US plantings incentives for 2013 in wheat, corn and soybeans
Minor weather issues in S America have not changed optimistic outlook for crop production
Muddled finances remain a bugaboo for all markets